Planning for retirement means making strategic decisions about how and when to use Social Security and other retirement income sources. Yet, many people don’t ask the right questions that could significantly impact their financial future.

Here are the key questions you should be asking to make informed decisions and maximize your retirement income:

1. When Should I Start Taking Social Security Benefits?

How does claiming at 62, full retirement age (FRA), or 70 affect my monthly check?
Will claiming early permanently reduce my benefits?
What’s my breakeven age if I delay claiming?

2. How Much Will I Receive from Social Security?

How do I calculate my estimated benefits based on my work history?
Will continuing to work increase my monthly benefit?
How are my benefits affected if I have fewer than 35 years of earnings?

3. Will My Social Security Benefits Be Taxed?

How does my total retirement income impact the taxation of Social Security?
What strategies can minimize taxes on my benefits?
Can Roth accounts or IULs help lower my taxable retirement income?

4. How Does Working in Retirement Impact My Social Security?

If I keep working after claiming Social Security, will my benefits be reduced?
What is the earnings limit before penalties apply?
Does working longer help increase my lifetime benefit?

5. What About Spousal, Divorce, or Survivor Benefits?

Can my spouse claim benefits based on my work record?
Am I eligible for benefits based on my ex-spouse’s record?
How does widow or widower status impact what I receive?

6. Will Social Security Be Enough to Cover My Retirement Expenses?

What percentage of my pre-retirement income will Social Security replace?
What other income streams do I need to supplement Social Security?
How do inflation and rising healthcare costs factor into my plan?

7. What Happens If Social Security Faces Future Cuts or Changes?

How should I prepare if Social Security benefits are reduced?
What role can an IUL or annuity play in creating a guaranteed income stream?

8. How Do I Protect My Retirement from Market Volatility?

Should I roll over my 401(k) to an annuity for guaranteed income?
How can I create a tax-free retirement strategy to preserve my savings?
How do I ensure I don’t outlive my retirement income?

9. What Are My Options for Leaving a Financial Legacy?

Does Social Security provide survivor benefits for my family?
How can I use an IUL or annuity to pass wealth to my heirs tax-free?
What estate planning steps should I take to protect my loved ones?

Final Thoughts: The Right Questions Lead to Better Retirement Decisions

Social Security is just one piece of your retirement puzzle. Asking the right questions now ensures you maximize your benefits, minimize taxes, and build a secure retirement plan.

Want help answering these questions and creating a strategy?

Let’s connect and design a retirement plan that works for you!

The Most Important Questions You Should Be Asking About Social Security and Retirement